What you need to open a US Bank savings account
US Bank lets you open a savings account online, by phone, or in person at a branch. You will need a government-issued photo ID, your Social Security number, and an initial deposit. The minimum opening deposit is $25 for most savings accounts, though some accounts require more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.
The entire process takes about 10 to 15 minutes online. US Bank will verify your identity and run a check through ChexSystems, which is a banking history database. This check does not affect your credit score. If you have a history of unpaid overdrafts or fraud at another bank, US Bank may deny your application, but most people are approved on the spot.
You do not need an existing US Bank checking account to open a savings account. You can open a savings account as your first account with the bank, though many people pair it with a checking account for easier transfers.
Key Takeaways
- You need a photo ID, Social Security number, and $25 minimum deposit to open a US Bank savings account online or in a branch.
- The online application takes 10 to 15 minutes and you will know immediately whether you are approved.
- US Bank runs a ChexSystems check, which reviews your banking history but does not affect your credit score.
- You can fund your account with a debit card, transfer from another bank, or cash at a branch.
- Interest rates on US Bank savings accounts vary by account type and current market conditions, so compare the rate before you open.
Opening an account online through US Bank's website
Go to usbank.com and select "Open an Account" or "Savings Accounts" from the main menu. Choose the savings account type you want — US Bank offers several, including a basic savings account and higher-yield options. Read the account details carefully because interest rates and monthly fees differ by account.
Enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. US Bank will ask whether you are a current customer. If you are not, you will be asked to create a username and password for online banking. Provide your employment information if prompted, though this is not required for most applicants.
Choose your funding method. If you use a debit card, enter the card number and expiration date. If you transfer from another bank, provide the routing number and account number of the account you are transferring from. US Bank will debit your account for the minimum deposit, usually within one business day. You will receive confirmation by email once the account is open and funded.
Opening an account by phone or in person
Call US Bank at 1-800-872-2657 to open a savings account over the phone. A representative will walk you through the same questions asked online: personal information, Social Security number, and funding method. Phone applications take about 15 minutes. You will need to provide a debit card or bank account information to fund the account; you cannot send cash by phone.
If you prefer to open in person, visit a US Bank branch near you. Bring your photo ID, Social Security number, and your initial deposit in cash, check, or debit card. A banker will complete the application with you and you will leave with your account number and online banking access the same day. In-person applications are fastest if you have questions or need help choosing an account type.
What happens after your account opens
Once your account is approved, you will receive a confirmation email with your account number and online banking login. You can log in to usbank.com or the US Bank mobile app immediately to view your balance and transaction history. Your debit card will arrive by mail within 7 to 10 business days if you ordered one, though you do not need a debit card to use a savings account.
Your savings account will begin earning interest based on the account type and the current interest rate. US Bank pays interest monthly, and the amount is added to your account balance. Interest rates change over time based on market conditions, so check your account statements to see how much you are earning.
You can transfer money between your US Bank savings account and checking account (if you have one) through online banking at no charge. External transfers to accounts at other banks take 1 to 3 business days. Withdrawals from a savings account are free, though federal rules once limited savings withdrawals to six per month — that rule was suspended, but some banks still enforce limits, so check your account agreement.
Monthly fees and account requirements
US Bank savings accounts have a monthly maintenance fee that varies by account type, typically ranging from $0 to $5. Some accounts waive the fee if you maintain a minimum balance, usually $500 to $2,500 depending on the account. Others waive the fee if you set up direct deposit or keep a linked checking account open.
Read your account agreement when you open the account to understand which fees apply to you and how to avoid them. If your account falls below the minimum balance or you do not meet the waiver requirement, the monthly fee will be deducted from your balance. You can avoid fees by choosing an account with no minimum balance requirement or by meeting the waiver conditions.
Linking your savings account to other banks
You can transfer money from a US Bank savings account to an account at another bank, or from another bank into your US Bank savings account. To set up an external transfer, log into your US Bank online banking, select "Transfer Money," and choose "To Another Bank." Enter the other bank's routing number and your account number there.
US Bank will verify the external account by depositing two small amounts (usually under $1 each) into that account. You will need to confirm those deposit amounts in your online banking to complete the verification, which takes 1 to 2 business days. After verification, you can transfer up to your account balance to that external account, and the transfer takes 1 to 3 business days to arrive.
If you want to transfer money from another bank into your US Bank savings account, provide the other bank with US Bank's routing number (1091000019 for most US Bank locations, though this varies by region) and your US Bank account number. That bank will initiate the transfer on their end, and the money will arrive in 1 to 3 business days.
Frequently Asked Questions
Can I open a US Bank savings account if I have been denied by other banks?
US Bank checks ChexSystems, which reports unpaid overdrafts, fraud, or repeated NSF (non-sufficient funds) fees. If you have a history of these issues, US Bank may deny your application. If denied, ask US Bank why — you have the right to a reason. Some people with banking problems can open accounts at banks that do not use ChexSystems, though US Bank does.
What is the difference between a US Bank savings account and a money market account?
A money market account typically offers a higher interest rate than a savings account but requires a larger minimum balance and may limit your withdrawals. A savings account has lower minimums and fewer restrictions. Compare the interest rates and fees of both before you choose, because rates change and the better option depends on how much you plan to keep in the account.
How long does it take to receive my debit card?
US Bank mails debit cards within 7 to 10 business days of account opening. You can use your savings account before the card arrives by transferring money online or visiting a branch. If you need a card faster, visit a branch in person and ask whether they can issue a temporary card or expedite the order.
Can I set up automatic transfers into my savings account?
Yes. Log into your US Bank online banking, select "Transfers," and choose "Schedule a Transfer." You can set up recurring transfers from your US Bank checking account to your savings account on any schedule you choose — weekly, biweekly, or monthly. This is a common way to build savings without thinking about it.
What happens if I close my US Bank savings account?
You can close your account anytime by visiting a branch, calling 1-800-872-2657, or using online banking. US Bank will send any remaining balance to you by check or transfer it to another account you specify. If your account has a negative balance due to fees, you will owe that amount. There is no penalty for closing a savings account.